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Copper prices reach record highs amid rising global demand
Copper prices have reached record levels, with the cost per tonne on the London Metal Exchange hitting approximately 13,000 euros, representing a roughly 15 percent increase since the beginning of the year.
Demand for the industrial metal is projected to grow significantly due to its essential role in the global energy transition. The International Energy Agency (IEA) estimates that demand could increase by a quarter by 2040 in a medium-scenario projection, while S&P Global predicts a potential increase of up to 50 percent by the same year. Key drivers include the expansion of power grids, particularly in China, and the rise of electric vehicles, which require up to four times more copper than internal combustion engine vehicles.
Copper is a critical component in wind turbines, solar cells, batteries, and charging stations. Beyond the energy sector, it remains vital for the construction industry for water pipes and roofing. The high market value has also led to an increase in theft from solar parks, charging stations, and vacant buildings.
Entities
Aurubis · China · International Energy Agency · London Metal Exchange · S&P Global
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 6 SOURCES] Copper prices have increased by around 15 percent since the start of the year. www.fehmarn24.de · www.kurierverlag.de · www.leinetal24.de · www.onetz.de · www.volksfreund.de · +1 more
- [● 6 SOURCES] High copper prices have led to increased theft from solar parks and charging stations. www.fehmarn24.de · www.kurierverlag.de · www.leinetal24.de · www.onetz.de · www.volksfreund.de · +1 more
- [● 2 SOURCES] The Panamanian government closed the country's largest copper mine in 2023 following protests. www.onetz.de · www.volksfreund.de
- [● 4 SOURCES] S&P Global predicts copper demand could increase by half by 2040. www.fehmarn24.de · www.kurierverlag.de · www.leinetal24.de · www.wz.de
- [● 2 SOURCES] China's grid expansion has increased copper demand, according to the IEA. www.onetz.de · www.volksfreund.de
- [● 6 SOURCES] Electric vehicles contain up to four times as much copper as combustion engine vehicles. www.fehmarn24.de · www.kurierverlag.de · www.leinetal24.de · www.onetz.de · www.volksfreund.de · +1 more
- [● 6 SOURCES] The IEA estimates copper demand could increase by a quarter by 2040 in a medium scenario. www.fehmarn24.de · www.kurierverlag.de · www.leinetal24.de · www.onetz.de · www.volksfreund.de · +1 more
- [● 6 SOURCES] Copper prices on the London Metal Exchange reached approximately 13,000 euros per tonne. www.fehmarn24.de · www.kurierverlag.de · www.leinetal24.de · www.onetz.de · www.volksfreund.de · +1 more